Common Living Inc
Habyt & Common Merge to Become the Leading Global Co-Living Operator
Habyt, the biggest co-living operator in Europe and Asia, and Common, the largest co-living operator in North America, announced today a merger to create the leading global co-living company. The combined entity brings to life a next generation of living concepts operating worldwide. With locations in over 40 cities and 14 countries, across three continents, the combined entity will operate over 30,000 units that vary from co-living, studios and traditional rental apartments.
"This larger combined footprint makes sense for both residents and real estate partners alike and creates the first truly global co-living operator. And there's no one doing this better outside the US, with like-minded values and digital capabilities, than Habyt," said Brad Hargreaves, Founder and Chairman at Common. "By merging, we are creating an international co-living network that more and more renters are seeking out right now."
"The merger makes perfect sense for both companies - Habyt had no North American presence and Common had none in Europe," said Luca Bovone, Founder and CEO of Habyt. "Our new combined resources present a fully digital, easy solution to access rental properties across the world, something that has been historically derailed by endless paperwork or bureaucracy."
Both Common and Habyt have seen their businesses grow three-fold in 2022 and both companies anticipate their businesses doubling in 2023. With this merger, the combined entity aims to turn profitable during 2023. Common is a residential brand creating a better kind of multifamily property manager through innovations in technology, design, and operations. With over $110 million in venture capital investment, Common delivers exceptional experiences for renters in more than 10 major cities in the U.S. The combined Habyt Group, which will continue to be led by Habyt's CEO Luca Bovone, is backed by leading investors across the world, including P101, Vorwerk Ventures, DI Capital Solutions, Sequoia and Mitsubishi and was founded in 2017 in Berlin, Germany.
"At Common, our mission is to create positive and resourceful changes in the housing industry, when housing is such a challenge for so many," said Karlene Holloman, CEO of Common and future CEO North America of the Habyt Group. "With this merger, we now have a global platform to redefine the living experience all over the world."
The CenterCap Group acted as exclusive financial advisor to Common Living in connection with this transaction.